The Foundry does it again:
More at The Heritage Foundation:
The White House brags that it will cut the deficit in half by 2013. The President does not mention that the deficit has nearly quadrupled this year. Merely cutting it half from that bloated level would still leave budget deficits twice as high as under President Bush. Furthermore, three upcoming developments–the end of the recession, the troop pullout in Iraq, and the phase-out of the supposedly temporary “stimulus” spending–would, by themselves, cut the budget deficit in half.
Time to Stop Digging
The new budget spending estimates are alarming and absolutely unsustainable–and are the true cause of these appalling levels of deficit and debt. President Obama has proposed massive tax increases that still cannot keep up with the historic spending increases he has proposed. The result will be highest level of spending–and debt–in American history. Within a decade, Washington would have to spend nearly $800 billion annually just to pay the interest on the national debt.
In this budget context, the President’s and Congress’s brazen proposals to create a $1 trillion health care entitlement are reckless and unaffordable. Lawmakers should focus on capping federal spending, restraining entitlements, and eliminating wasteful and lower-priority programs.
Yes, of course that’s what liberal Dems *would* be doing if their goal was actually to strengthen the economy.
Snark alert @ Ace of Spades HQ:
Obama’s $9.05 Trillion Deficit Actually Depends on Stunning Growth to Stay at that “Low” Level
Peak growth in the last expansion? 3.6%.
Obama’s glide path to fiscal responsibility — where we merely run nearly a trillion dollars in deficits every single year — relies upon the assumption we’ll rocket to 3.8% growth by 2011 and then in excess of 4% growth for three years running, 2012-2014.
And based on those rosy projections, we’ll merely run a $905 billion deficit every year. If it’s lower than that — which, of course, it will be — then the deficits will be… who knows. It’s not real money anymore anyway. It’s just ZimbabweBucks.